Buy Out is a slang term, often misinterpreted as a transfer of copyright ownership of a work from the copyright holder to the client or client's agent. In the absence of a specific copyright transfer agreement executed by the copyright holder there is no copyright transfer. If this term is used, an additional, precise list of rights granted or transferred should accompany any license.Further, clients who ask (or demand) a buy out either are trying to pull a fast one on an unsuspecting photographer by getting the whole pie for the price of a slice, or, unfortunately, they have been screwed over by a photographer in the past and are now in defensive mode trying to protect themselves and their client from that happening again.
There's a good discourse on the subject over at A Photo Editor - Ask Anything – The Buyout - that's worth a read.
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